Planning for Retirement
SEIU 775 Secure Retirement Plan (SRP) is the first retirement plan for caregivers in the nation. Your SRP account will help you save more money for retirement and it’s free for you! All the money in your account comes from your employer, not your paycheck.
Understand your Options
Your SRP account is a great foundation for your retirement, but is also meant to be just one part of your retirement income. Many people choose to add to their retirement by opening an Individual Retirement Account (IRA) or collecting Social Security.
Here are some options for you to consider:
- Social Security
- Individual Retirement Accounts (IRAs)
- Personal Savings Accounts
- Washington’s Retirement Marketplace
Almost every American worker can get Social Security benefits in their retirement by making payroll tax contributions. If you qualify, you get monthly Social Security payments starting as early as age 62. Not everyone gets Social Security, like some Parent Providers, but you may still qualify for a spousal benefit if you are married.
Opening an Individual Retirement Account (IRA) is an easy way to save more money for your retirement – on top of what you get through your SEIU 775 Secure Retirement Plan (SRP). You can open an IRA yourself with as little as $5 through Washington’s Retirement Marketplace, a trusted retirement partner.
The money you add to your IRA will earn interest and add up over time.
Why open an IRA?
- It’s just $5! It’s easy and affordable to open an IRA.
- Your money grows over time. Even if you can only put a small amount of money in your IRA each month, over time it can add a lot of money to your retirement.
- Have many sources of retirement income. The SRP is only one source of income you have when you retire. Saving your own money through an IRA can help you retire more comfortably.
Opening and contributing to a personal savings account is another important part of retiring. Saving as little as $5 each month can make a big difference by the time you are ready to retire.
Many people do not have access to retirement plans because of the cost or because finding the right plan for your lifestyle can be confusing. For those who need help choosing a low-cost retirement plan, Washington’s Retirement Marketplace is a good place to start.
Washington’s Retirement Marketplace is a secure website where you can compare Washington state-verified, low-cost retirement savings plans.
If you have questions or need language help, call a Secure Retirement Representative at 1-800-726-8303.